Aiken banking company reports higher earnings

 

Security Federal Corp., holding company for Security Federal Bank, reported Monday that it had higher quarterly net income.

For the quarter that ended in June, the Aiken banking company reported $769,000 in profits, up from $621,000 in the quarter in 2012.

The increases in earnings is a result of an increase in non-interest income, bank officials reported.

The company had total assets of $867.4 million, down from $890.4 million at the beginning of the year. Deposits also decreased, from $676.3 million at the year’s open to $671.1 million at the end of the quarter.

Security Federal Bank has 13 branch locations in South Carolina and one in Georgia.

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